Senate committee passes bill that gives preference to companies that manufacture in U.S. | Business
On Tuesday, the Senate Business, Labor and Technology Committee passed Senate Bill 4, the Buy American Act, sponsored by Senator Joyce Foster (D-Denver). The bill provides an incentive to companies bidding on state contracts to purchase American-made goods.
The Buy American Act creates a preference for companies that are able to certify that their materials, provisions, and supplies were manufactured in the United States. This legislation will promote American-made goods, create American Jobs, and stimulate Colorado industry. The manufacturing industry in Colorado currently employs 125,000 Coloradans.
Senator Foster offered the following comment on the committee passage of the Buy American Act today:
“This bill will give companies bidding on state contracts a preference if the majority of products they use are manufactured in the U.S. By prioritizing American goods we are creating American jobs, stimulating our manufacturing industry and continuing to strengthen the economy.”
The Buy American Act provides a one percent incentive for companies bidding on state contracts expected to cost more than $250,000. To be eligible for the preference companies must agree to purchase products including assembled materials, supplies, provisions and equipment that are manufactured in the United States. The goods must be in sufficient supply, of equal quality and not exceed the cost of the same product made outside of the United States by more than five percent.
Through the Buy American Act, The Colorado Department of Personnel and Administration is directed to develop rules for administering and verifying a contractor’s preference eligibility.
The Buy American Act is a key component of the Senate Majority’s “Colorado Works Jobs Package," a series of bills focused on continued job creation and economic growth in the state.
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